MGM deal makes Pansy Ho HK's richest woman
Pansy Ho Chiu-king is set to become the richest woman in town on May 26 thanks to MGM China Holding's pending Hong Kong stock market listing.
Ho's sale of part of her stake in the Macau casino operator via a public offering will net her a US$1.21 billion to US$1.5 billion cash windfall, catapulting her to a net worth of about US$5.1 billion, based on a South China Morning Post analysis of her holdings.
At 48, the divorced daughter of Macau gaming magnate Stanley Ho Hung-sun will be the youngest among the city's 20 richest people.
The amount would rank her in the top 10 of the Forbes list of Hong Kong's 40 richest people published in January - her father came in at 13th. It would also place her among the 10 wealthiest on the mainland, where she serves on political bodies, and in Canada, where she has citizenship.
The MGM China offering will see Ho sell 20 per cent of her stake to the public and 1 per cent to MGM Resorts International, giving the Las Vegas firm a controlling 51 per cent of the Macau business.
Based on a mid-point pricing of HK$13.85 per share, the listing will net Ho HK$10.53 billion cash and value her remaining stake at HK$15.26 billion - she retains up to 29 per cent in MGM China after the listing.
Ho also has indirect, effective stakes in Shun Tak Holdings (11 per cent) and SJM Holdings (2.1 per cent) worth a combined HK$13.97 billion based on yesterday's closing prices - for a total net worth of US$5.1 billion.
Stanley Ho's estimated worth in US dollars
- In January, family members were fighting over his fortune